Newbury: Netstore acquired in £57m deal

2e2, a leading provider of mission-critical IT services, has announced the completion of its £57 million acquisition of IT security and managed services provider, Netstore. Netstore will add additional revenues of around £50m, a further 200 staff to the group and is 2e2’s largest acquisition to date.

Netstore brings its application hosting services, experience and capability to 2e2 including two tier-three data centres located in Reading and the North East. These will complement 2e2’s current portfolio to create an exceptionally strong consultancy practice delivering both application management and security as a service. Local support, operational management teams and security services will enhance existing offerings to further extend 2e2’s Software as a Service capability.

Terry Burt, CEO of the 2e2 Group, said: “We are delighted to announce this acquisition which brings together two strong and established names in the IT services industry to create an enhanced platform for the continued growth of 2e2. This acquisition delivers an exceptional opportunity for us to engage more broadly with our customers and adds further momentum to 2e2 as a major force in the UK market. Our perfectly positioned SaaS, consulting and managed service offerings allow 2e2 to deliver greater business efficiencies and cost savings to an expanded customer base. We look forward to welcoming the employees and customers of Netstore into the 2e2 Group.”

Graham Kingsmill, CEO of Netstore UK plc, said: “This acquisition makes perfect sense for both Netstore and 2e2 customers. We now have a powerful, complementary service offering ranging from the delivery of IT platforms to 'best of breed' software application expertise. All provided in the most efficient, scalable and flexible way possible.”